2021 EBIT forecast up, Q3 revenues released
With full-year revenue growth expected to be over 7%, the Group has revised its 2021 income from ordinary operations forecast up to between €59m and €65m.
While the boat and outdoor accommodation markets have maintained their positive trends, Groupe Beneteau’s two divisions have continued to build on their growth.
The Group’s sales almost doubled in October 2021, taking consolidated 10-month revenues up to €1,012.3m, with +3.1% growth based on reported data (+4.4% at constant exchange rates) versus the same period in 2020. Following a very robust October for both divisions, strong sales growth is also expected for November and December. The Group is therefore able to confirm its forecast for revenue growth of over 7% on a reported basis for FY 2021 (+6% for the Boat division, +15% for the Housing division).
The Boat division recorded +2.8% growth during the first 10 months of 2021 (+4.2% at constant exchange rates), with +8.3% for boat sales to the distribution networks (excluding fleets), continuing to be driven by strong demand across the dayboating segments.
The Housing division achieved +37.8% growth in the third quarter based on reported data, with a +5.5% increase over 10 months, buoyed by strong demand in Northern Europe.
The very high order book at end-October for each of the two divisions is aligned with their 2022 roadmap for double-digit growth.
Alongside this, the 2021 forecast for income from ordinary operations has been revised upwards: it is expected to reach €59m to €65m, with 115% to 135% growth versus the 2020 pro forma figure of €27.5m, thanks to the adaptation and rationalization measures decided on in 2020, the effective anticipation of the inflation balance and the rigorous management of sales, marketing and overhead costs.
These results have been achieved despite a cyberattack in February, significant supply chain disruptions and the fire that affected a Housing division site in August. They highlight the Group’s resilience and the ability of its teams to overcome major adverse events.
Groupe Beneteau will be reporting its full-year revenues (FY 2021) after close of trading on February 24, 2022 and its full-year earnings on March 17, 2022.
At constant exchange rates: change calculated based on figures for the period from January 1, 2021 to October 31, 2021 converted at the exchange rate for the same period in 2020 (January 1, 2020 – October 31, 2020).
Revenues: in connection with changes to its commercial processes launched during the first half of 2020, Groupe Beneteau has changed the invoicing date for boats produced in Europe, previously based on when boats were made available at the yard, while invoices are now issued on the date when boats are shipped to dealer clients, consistent with the recognition of revenues.